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Securities | 9 Months Ended
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Sep. 30, 2014
Securities |
Securities | Note 6 – Securities The book values and approximate fair values of investment securities at September 30, 2014 and December 31, 2013 are summarized as follows:
|  | September 30, 2014 |  |  | December 31, 2013 |
|  | Amortized |  |  | Fair |  |  | Unrealized |  |  | Amortized |  |  | Fair |  |  | Unrealized |
($ in thousands) |  | Cost |  |  | Value |  |  | Gains |  |  | (Losses) |  |  | Cost |  |  | Value |  |  | Gains |  |  | (Losses) |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities |  | $ | 18,546 |  |  |  | 18,465 |  |  |  | − |  |  |  | (81 | ) |  |  | 18,432 |  |  |  | 18,245 |  |  |  | 32 |  |  |  | (219 | )
Mortgage-backed securities |  |  | 135,406 |  |  |  | 133,769 |  |  |  | 402 |  |  |  | (2,039 | ) |  |  | 148,646 |  |  |  | 147,187 |  |  |  | 1,415 |  |  |  | (2,874 | )
Corporate bonds |  |  | 1,000 |  |  |  | 890 |  |  |  | − |  |  |  | (110 | ) |  |  | 3,999 |  |  |  | 3,598 |  |  |  | 44 |  |  |  | (445 | )
Equity securities |  |  | 6,105 |  |  |  | 6,130 |  |  |  | 39 |  |  |  | (14 | ) |  |  | 3,984 |  |  |  | 4,011 |  |  |  | 40 |  |  |  | (13 | )
Total available for sale |  | $ | 161,057 |  |  |  | 159,254 |  |  |  | 441 |  |  |  | (2,244 | ) |  |  | 175,061 |  |  |  | 173,041 |  |  |  | 1,531 |  |  |  | (3,551 | )
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and local governments |  | $ | 53,821 |  |  |  | 57,601 |  |  |  | 3,780 |  |  |  | − |  |  |  | 53,995 |  |  |  | 56,700 |  |  |  | 2,709 |  |  |  | (4 | )
Included in mortgage-backed securities at September 30, 2014 were collateralized mortgage obligations with an amortized cost of $124,000 and a fair value of $127,000. Included in mortgage-backed securities at December 31, 2013 were collateralized mortgage obligations with an amortized cost of $192,000 and a fair value of $200,000. All of the Company's mortgage-backed securities, including collateralized mortgage obligations, were issued by government-sponsored corporations. The Company owned Federal Home Loan Bank (“FHLB”) stock with a cost and fair value of $6,016,000 at September 30, 2014 and $3,894,000 at December 31, 2013, which is included in equity securities above and serves as part of the collateral for the Company's line of credit with the FHLB. The investment in this stock is a requirement for membership in the FHLB system. Periodically the FHLB recalculates the Company's required level of holdings, and the Company either buys more stock or the FHLB redeems a portion of the stock at cost. The following table presents information regarding securities with unrealized losses at September 30, 2014:
($ in thousands) |  | Securities in an Unrealized Loss Position for Less than 12 Months |  | Securities in an Unrealized Loss Position for More than 12 Months |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Government-sponsored enterprise securities |  | $ | 9,541 |  |  | 4 |  |  | 5,923 |  |  | 77 |  |  | 15,464 |  |  | 81
Mortgage-backed securities |  |  | 46,924 |  |  | 304 |  |  | 45,606 |  |  | 1,735 |  |  | 92,530 |  |  | 2,039
Corporate bonds |  |  | − |  |  | − |  |  | 890 |  |  | 110 |  |  | 890 |  |  | 110
Equity securities |  |  | − |  |  | − |  |  | 16 |  |  | 14 |  |  | 16 |  |  | 14
State and local governments |  |  | − |  |  | − |  |  | − |  |  | − |  |  | − |  |  | −
Total temporarily impaired securities |  | $ | 56,465 |  |  | 308 |  |  | 52,435 |  |  | 1,936 |  |  | 108,900 |  |  | 2,244
The following table presents information regarding securities with unrealized losses at December 31, 2013:
($ in thousands) |  | Securities in an Unrealized Loss Position for Less than 12 Months |  | Securities in an Unrealized Loss Position for More than 12 Months |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Government-sponsored enterprise securities |  | $ | 12,212 |  |  | 219 |  |  | – |  |  | – |  |  | 12,212 |  |  | 219
Mortgage-backed securities |  |  | 64,937 |  |  | 1,675 |  |  | 17,979 |  |  | 1,199 |  |  | 82,916 |  |  | 2,874
Corporate bonds |  |  | − |  |  | − |  |  | 555 |  |  | 445 |  |  | 555 |  |  | 445
Equity securities |  |  | − |  |  | − |  |  | 22 |  |  | 13 |  |  | 22 |  |  | 13
State and local governments |  |  | 992 |  |  | 4 |  |  | – |  |  | – |  |  | 992 |  |  | 4
Total temporarily impaired securities |  | $ | 78,141 |  |  | 1,898 |  |  | 18,556 |  |  | 1,657 |  |  | 96,697 |  |  | 3,555
In the above tables, all of the non-equity securities that were in an unrealized loss position at September 30, 2014 and December 31, 2013 are bonds that the Company has determined are in a loss position due to interest rate factors, the overall economic downturn in the financial sector, and the broader economy in general. The Company has evaluated the collectability of each of these bonds and has concluded that there is no other-than-temporary impairment. The Company does not intend to sell these securities, and it is more likely than not that the Company will not be required to sell these securities before recovery of the amortized cost. The Company has also concluded that each of the equity securities in an unrealized loss position at September 30, 2014 and December 31, 2013 was in such a position due to temporary fluctuations in the market prices of the securities. The Company's policy is to record an impairment charge for any of these equity securities that remains in an unrealized loss position for twelve consecutive months unless the amount is insignificant. The aggregate carrying amount of cost-method investments was $6,016,000 and $3,894,000 at September 30, 2014 and December 31, 2013, respectively, which was the FHLB stock discussed above. The Company determined that none of its cost-method investments were impaired at either period end. The book values and approximate fair values of investment securities at September 30, 2014, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Securities Available for Sale |  |  | Securities Held to Maturity
|  | Amortized |  | Fair |  |  | Amortized |  | Fair
($ in thousands) |  | Cost |  | Value |  |  | Cost |  | Value
Debt securities |  |  |  |  |  |  |  |  |
Due within one year |  | $ − |  | − |  |  | − |  | −
Due after one year but within five years |  |  | 18,546 |  |  | 18,465 |  |  |  | 10,948 |  |  | 11,743
Due after five years but within ten years |  |  | − |  |  | − |  |  |  | 38,417 |  |  | 41,151
Due after ten years |  |  | 1,000 |  |  | 890 |  |  |  | 4,456 |  |  | 4,707
Mortgage-backed securities |  |  | 135,406 |  |  | 133,769 |  |  |  | − |  |  | −
Total debt securities |  |  | 154,952 |  |  | 153,124 |  |  |  | 53,821 |  |  | 57,601
Equity securities |  |  | 6,105 |  |  | 6,130 |  |  |  | − |  |  | −
Total securities |  | $ | 161,057 |  |  | 159,254 |  |  |  | 53,821 |  |  | 57,601
At September 30, 2014 and December 31, 2013 investment securities with carrying values of $76,263,000 and $79,838,000, respectively, were pledged as collateral for public deposits. During the nine months ended September 2014 and 2013, the Company sold approximately $47,473,000 and $12,935,000, respectively, in securities and recorded net gains of $786,000 and $553,000, respectively, related to these sales. During the nine months ended September 30, 2013, the Company recorded a net gain of $7,000 related to the call of several municipal and bond securities.

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